# Investment Fund of Kazakhstan

Investment Fund of Kazakhstan is a Government / Public Body based in Astana, Kazakhstan.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Astana, Kazakhstan
- **Region:** Asia
- **Address:** Astana, Kazakhstan
- **Founded:** 2003
- **Assets under management:** Undisclosed
- **Website:** ifk.kz
- **LinkedIn:** https://www.linkedin.com/company/investment-fund-of-kazakhstan-jsc

## Regulatory record

- **Reports private funds:** No

## About

Investment Fund of Kazakhstan is a government agency based in Astana, Kazakhstan. It manages approximately $150 million in assets, primarily focused on investments in Asia.

## Sectors

- Real Estate
- Private Credit
- Distressed Debt

## People

- Askarov Azamat Islamovich — Chairman of the Management Board

## Questions

### What is the Investment Fund of Kazakhstan's core mandate?

IFK functions as a distressed-asset workout vehicle for Kazakhstan's state-directed development-finance ecosystem. Rather than making traditional private-market investments, it receives non-performing loans and foreclosed industrial real estate from entities like the Development Bank of Kazakhstan and manages their restructuring or liquidation. Its purpose is balance-sheet rehabilitation, not alpha generation for external investors.

### How is the fund governed, and who controls it currently?

The fund is currently a wholly-owned subsidiary of the Fund of Problem Loans JSC, which became its sole shareholder in July 2025. The Management Board is chaired by Azamat Askarov. Before 2025, the fund was held by D-Personnel LLP, which acquired 100% of shares in a 2021 privatization auction. Originally, IFK was a subsidiary of the Baiterek National Managing Holding, the state development-finance umbrella.

### Does IFK take outside capital from institutional investors?

No. IFK is not a fund manager raising commitments from limited partners. It operates as a captive balance-sheet vehicle, receiving asset transfers from other state entities rather than soliciting external institutional capital.

### What is the relationship between IFK and the Development Bank of Kazakhstan?

The Development Bank of Kazakhstan is a key business partner and asset source. DBK transfers distressed corporate loans and associated collateral to IFK for work-out and rehabilitation. This relationship makes IFK an operational extension of the state's development-finance clean-up function.

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- [Investment Corporation of Dubai](https://altss.com/profile/investment-corporation-of-dubai)
- [Investment Insight Wealth Management](https://altss.com/profile/investment-insight-wealth-management)

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Last updated: 2026-06-03T20:00:00.000Z

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